Restructuring Charges

12 Months Ended

Sep. 24, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Divestiture Charges

The Company evaluates its operations for opportunities to improve operational effectiveness and efficiency, including facility and operations consolidation, and to better align expenses with revenues. As a result of these assessments, the Company has undertaken various restructuring actions which are described below. The following table displays charges taken related to restructuring actions in fiscal 2022, 2021 and 2020 and a rollforward of the charges to the accrued balances as of September 24, 2022:


	Fiscal 2022 Actions		Fiscal 2021 Actions		Fiscal 2020 Actions		Other		Total
Restructuring Charges







Fiscal 2020 charges:
Workforce reductions	$	—	$	—	$	13.2	$	0.2	$	13.4
Facility closure costs	—		—		1.9		—		1.9

Fiscal 2020 restructuring charges	$	—	$	—	$	15.1	$	0.2	$	15.3
Fiscal 2021 charges:
Workforce reductions	$	—	$	8.7	$	0.6			$	9.3
Fiscal 2021 restructuring charges	$	—	$	8.7	$	0.6	$	—	$	9.3
Fiscal 2022 charges:
Workforce reductions	$	2.6	$	(0.3)	$	(0.4)	$	—	$	1.9
Facility closure costs	0.5		—		—		—		0.5

Fiscal 2022 restructuring charges	$	3.1	$	(0.3)	$	(0.4)	$	—	$	2.4


	Fiscal 2022 Actions		Fiscal 2021 Actions		Fiscal 2020 Actions		Previous Other Charges		Total
Rollforward of Accrued Restructuring
Balance as of September 28, 2019	$	—	$	—	$	—	$	5.9	$	5.9

Fiscal 2020 restructuring charges	$	—	$	—	$	15.1	$	0.2	$	15.3
Stock-based compensation	—		—		(7.5)		—		(7.5)
Severance payments and adjustments	—		—		(4.4)		(1.5)		(5.9)
Other payments and adjustments (1)	—		—		0.5		(3.8)		(3.3)
Balance as of September 26, 2020	$	—	$	—	$	3.7	$	0.8	$	4.5

Fiscal 2021 restructuring charges	$	—	$	8.7	$	0.6	$	—	$	9.3
Stock-based compensation	—		(0.9)		—		—		(0.9)
Severance payments and adjustments	—		(4.6)		(3.4)		(0.8)		(8.8)

Balance as of September 25, 2021	$	—	$	3.2	$	0.9	$	—	$	4.1

Fiscal 2022 restructuring charges	$	3.1	$	(0.3)	$	(0.4)	$	—	$	2.4

Severance payments and adjustments	(0.4)		(2.5)		(0.5)		—		(3.4)

Balance as of September 24, 2022	$	2.7	$	0.4	$	—	$	—	$	3.1

(1) In fiscal 2020, as part of the adoption of ASC 842, the Company reclassified $3.8 million from a lease liability to offset the right of use asset on the Company's consolidated balance sheet.

Fiscal 2022 Actions

During the first quarter of fiscal 2022, the Company finalized its decision to close its Danbury, Connecticut facility where it manufactures its Breast Health capital equipment products. The manufacturing of the Breast Health capital equipment products and all other support services will be moved to the Company's Newark, Delaware facility. In addition, research and development, sales and services support and administrative functions will be moved to the Newark, Delaware and Marlborough, Massachusetts facilities. The transition is expected to be completed by the third quarter of fiscal 2025. The majority of employees located in Danbury were given the option to relocate to the new locations. As a result of this plan, the Company expects a number of employees to not relocate resulting in their termination. The employees were notified of the closure during the first quarter of fiscal 2022, but were not communicated about their termination and related severance and benefits until the third quarter of fiscal 2022. The Company is recording severance benefits pursuant to pursuant to ASC 420, Exit or Disposal Cost Obligations (ASC 420) and the benefits will be expensed ratably over the required service period. As a result, the Company recorded $1.6 million of severance and benefits charges in fiscal 2022. The Company estimates that total severance and benefits charges, including retention, will be approximately $7.0 million.

During fiscal 2022, the Company made various other decisions to terminate certain individuals across multiple divisions, outsource one of its U.S. distribution locations and consolidate its German office locations. The Company recorded $0.3 million for severance and benefits and $0.5 million in property closure costs related to these actions, which occurred in the U.S. and various international locations. The charges were recorded pursuant to ASC 712, Compensation-Nonretirement Postemployment Benefits, (ASC 712) or ASC 420, depending on the employee and country location. The Company expects the total charges from these actions to be approximately $3.5 million.

Fiscal 2021 Actions

During fiscal 2021, the Company made various decisions to terminate certain individuals across all divisions in multiple departments and close certain manufacturing facilities for minor product lines. The Company recorded $8.7 million for severance and benefits related to these actions, which occurred in the U.S. and various international locations. The charges were recorded pursuant to ASC 712 or ASC 420, depending on the employee and country location. These actions were completed.

Fiscal 2020 Actions

During fiscal 2020, the Company made various decisions to terminate certain personnel across all divisions in multiple departments, transfer production and close certain manufacturing facilities for minor product lines. The Company recorded charges totaling $13.4 million for severance and benefits related to these actions. The charges were recorded pursuant to ASC 712 or ASC 420, depending on the employee and country location. Included within this charge was $5.0 million related to the modification of equity awards for a certain executive. These actions were completed.

During the second quarter of fiscal 2020, the Company recorded net divestiture charges of $1.9 million. The charge included $1.3 million to dispose of the Company's life sciences testing business located in the UK, which performed research testing for pharmaceutical companies. Separately, in connection with the Cynosure divestiture, the Company accelerated stock compensation expense and other benefits of $2.6 million, partially offset by other adjustments of $2.0 million.